Twenty-First Century Fox Inc has said Rupert Murdoch will hand over the chief executive reins at the media-entertainment conglomerate to his 42-year-old son James from July 1.
James is currently the co-chief operating officer of the company. His significant operational experience includes tenures as CEO of both BSkyB and STAR, India's number one entertainment broadcaster.
The board of the conglomerate approved the plan whereby the 84-year-old Australian-born magnate will step out of his CEO role and become co-executive chairman with his elder son Lachlan, a company statement said, confirming leaks from sources last week.
Chase Carey, the company's deputy chairman, president and COO since 2009, will serve as the executive vice chairman till June 2016. Twenty-First Century Fox said the changes are effective from July 1.
Following the changes, the company's corporate functions and its global television and film operations will now jointly report to Lachlan and James Murdoch.
Rupert Murdoch said: "It has always been our priority to ensure stable, long-term leadership for the company, and these appointments achieve that goal.
“Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry."
Lachlan and James Murdoch, in a joint statement, said: "We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company.”
They added: "Most importantly, we each look forward to working with the entire team of creators, executives, artists and all of our colleagues that make up our global businesses, to steer the Company into the future, and to drive continued value for our shareholders."
Rod Eddington, lead director at 21st Century Fox, said the board had long been focused on succession and Lachlan and James will take the company into the future.
James Murdoch is currently co-chief operating officer of 21st Century Fox and has held a succession of leadership roles over his nearly two-decade career with the company.
He was a key driver of the company's domestic and international expansion, having most served as chairman and CEO for Europe and Asia, as well as chairman of BSkyB, Sky Deutschland, and Sky Italia.
Lachlan Murdoch has spent the past two decades building and investing in prominent television and publishing businesses, and currently serves as co-chairman of News Corp and executive chairman of NOVA Entertainment.